Top 7 Reasons Why Entrepreneurs Need Thorough Mentoring

Mentoring Best Practices
Published on
April 30, 2018

Every successful entrepreneur has a solid mentor who encourages and supports them in their endeavors. They thoroughly coach them and assist them in obtaining their goals.

Here are seven reasons why every entrepreneur should have a mentor:  

Learn from their experience

Mentors have gone ahead of you in their journey; they have seen the ups and downs of Entrepreneurship. Having a Mentor helps you navigate through the uncertainty of Entrepreneurship. It will help you bring a positive influence and direction both in your business and your personal life.

Increases your odds of success

The statistics of Entrepreneurial failure are already high. More than 50% of Startups fail within the first five years of their launch. (Source: https://www.statisticbrain.com/startup-failure-by-industry/ ), having a Mentor increases your odds of success. Their experience will help you steer away from bad choices and avoid those teething problems.  

Mentors don't lie

It is essential to have someone tell you the truth about things. Having an Entrepreneur will provide you with someone who will tell you the truth of the matter. You know you have found a trustworthy mentor when they don't mince the fact for you. They are also your bona fide cheerleaders, who observe you in your meetings and calls and coach your performance. When you are busy complaining about frivolous matters or are limiting your success because of your beliefs, a mentor will guide you. They will tell you the truth even if it hurts.  

Leverage your mentor's network

Your mentor has built their network over the years, and when they choose to Mentor you, they also open up their network to you. You will now have access to their network too. Not only their network but also their social currency. They bring many promising business contacts and years of experience and help you point in the right direction to procure startup funding, seed, and operating capital.  

Mentors are supporting hand

The path to Entrepreneurship is lonely. The odds of failure are higher than the odds of success. Your mentor becomes your shoulder to support when things don't seem to go the way you want. When you are tired and ready to give up, a mentor will help you rebuild your spirit and confidence and help you overcome your challenges.  

Understand the business objective

You are close to your business. Most entrepreneurs' business is their baby, making it hard to look at your business objectively. Since we are too invested in our business, we lack objectivity when making decisions. A mentor can help us stay grounded, keep us away from making emotional decisions, and show us the blind spots and limitations. Having a good mentor will allow you to look at your business more objectively. Seeing things with an objective is the key to the success of your business.  

Be accountable

Your mentor encourages you to track your achievements since your goal has been clear now, and you are discovering your way to achieve them. They help you measure your achievements and, if required, revisit your goals and strategies. Having someone hold you accountable through your Entrepreneurial journey is critical.

You can acquire more insights and strive toward your firm's success by following the steps outlined above. If you require professional support, you may also contact MentorCloud. The experts here are skilled trainers who can help you transform your entrepreneurial journey.

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